International bunker broking and trading firm KPI Bridge Oil on Tuesday (23 June) announced strong growth and earnings after completion of its financial year ending 30 April 2020 (FY 2020).
Following the successful execution of the transition to the 2020 IMO fuel regulations, as well as the announcement of the acquisition of OceanConnect Marine, the company looks forward to the challenging year ahead with confidence and optimism, it says.
KPI Bridge Oil ended FY 2020 with Earnings Before Tax (EBT) of USD 28.5 million, and revenue of USD 2.2 billion.
The EBT result represents an increase of 70% on the preceding fiscal year. This was primarily achieved by a 10% growth in volume and a reduction in operational costs and expenses related to counter party performance.
“2019/20 has been a very satisfactory year. Our experienced and dedicated employees were able to create great value for business partners during the challenging transition to the 2020 IMO sulphur-cap, and I’m thankful to each and every one of our team members for rewarding the company with this great result,” says Søren Høll, CEO.
KPI Bridge Oil is privately owned and enjoys solid financial foundations as well as strong backing from leading banks. This has given the company both the purchasing power and the ability to provide tailored solutions to each individual client’s needs.
Combined with longstanding supplier relationships, KPI Bridge Oil proved itself uniquely positioned to serve its partners and guide them through the implementation of the IMO sulphur-cap.
“We were thoroughly prepared for the sea-change on 1 January. We anticipated the price increases caused by the introduction of new sulphur limits, and we were prepared for the increased demand for credit from owners and operators. Crucially, we also had both the financial strength and flexibility to provide the right solutions at the right time,” adds Høll.
KPI Bridge Oil is one of the marine industry’s oldest bunker brokers and traders. With close to 50 years in the global bunker market and long-tenured employees – many of whom have maritime backgrounds – the company provides business partners with a level of insight and knowledge that is unmatched by most.
“Our people are our strongest asset. They will continue to play an important role in driving our growth strategy and delivering added value for our business partners going forward” says Søren Høll.
Earlier this year, KPI Bridge Oil announced that it has agreed to acquire OceanConnect Marine. Subject to regulatory approval, the merger will create one of the largest and most experienced independent marine fuel service and solution providers in the world.
“The maritime industry faces yet another challenge in the form of the COVID-19 pandemic. With our merger completing in the near future, the new KPI OceanConnect will offer an even broader range of services, stronger financial partnership and a more extensive and flexible platform to support partners from during this testing period” states Søren Høll.
Photo credit: KPI Bridge Oil Group
Published: 23 June, 2020
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